Have the lives of minimum wage earners improved? (insurance, capitalism, 2014)
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Since it seems that most traditionally minimum wage jobs like fast food and retail have hourly wages around the $15 an hour mark, I'm curious if it had improved those workers' qualities of life. Or is it still just as bad with inflation? Are they stiffed on hours? It seems like very few people make minimum wage these days. I'm not included the criminally underpaid tipped workers in this question.
NDak15, A minimum wage rate is the legally minimum hourly rate. If there were no federal minimum rate, state's would find it extremely less to feasible to enforce a rate that would effectively offer some financial protection to their wage dependent families.
The federal minimum wage rate (to some extent) prevents lower wage states from undermining the labor markets of other states in the USA. To the extent that the federal minimum is an insufficient wage rate and is not kept abreast with the purchasing power of the U.S. Dollar, it fails to support our national and our individual states' median wage rates.
More than 3 years ago I posted: Originally Posted by*Supposn*
H.R. 582, “Raise the wage act” is a good bill, but opponents of the bill will refrain from mentioning the*minimum*hourly rate will not be $15 until 7th year after the bill's passage.
In the likely case that it's not passed through and added to our federal statutes, I urge U.S. Congressional members to continue striving and pass a bill that would increase the*minimum*wage rate by 12.5% of its purchasing power until it attains 125% of its February-1968 purchasing power. Thereafter the rate should be monitored and annually adjusted to retain that purchasing power.
Since it seems that most traditionally minimum wage jobs like fast food and retail have hourly wages around the $15 an hour mark, I'm curious if it had improved those workers' qualities of life. Or is it still just as bad with inflation? Are they stiffed on hours? It seems like very few people make minimum wage these days. I'm not included the criminally underpaid tipped workers in this question.
Per Biden's tenure median real wages are just now almost back to par. Extrapolating from that I'd say no. Inflation is always worse on those at and near the bottom. Further, your point about hours is a good one that most economic observers miss or gloss over. As low talent labor costs increase employers will find ways to manage those costs such as hiring say four more talented workers instead of six less talented workers etc.
So far as tipped workers being criminally underpaid. That's mostly about location and skill. Great workers do well not great workers not so well.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
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Raising the minimum wage has resulted in more inflation, reduced hours, and even layoffs, since that money has to come from somewhere. The goal of any business is to make a profit, not to provide a good income for people. Those who are doing well financially are being paid for their value to the company, minimum wage jobs are those that most anyone can do with minimal experience or skills.
NDak15, A minimum wage rate is the legally minimum hourly rate. If there were no federal minimum rate, state's would find it extremely less to feasible to enforce a rate that would effectively offer some financial protection to their wage dependent families.
The federal minimum wage rate (to some extent) prevents lower wage states from undermining the labor markets of other states in the USA. To the extent that the federal minimum is an insufficient wage rate and is not kept abreast with the purchasing power of the U.S. Dollar, it fails to support our national and our individual states' median wage rates.
More than 3 years ago I posted: Originally Posted by*Supposn*
H.R. 582, “Raise the wage act” is a good bill, but opponents of the bill will refrain from mentioning the*minimum*hourly rate will not be $15 until 7th year after the bill's passage.
In the likely case that it's not passed through and added to our federal statutes, I urge U.S. Congressional members to continue striving and pass a bill that would increase the*minimum*wage rate by 12.5% of its purchasing power until it attains 125% of its February-1968 purchasing power. Thereafter the rate should be monitored and annually adjusted to retain that purchasing power.
Raising the minimum wage has resulted in more inflation, reduced hours, and even layoffs, since that money has to come from somewhere. The goal of any business is to make a profit, not to provide a good income for people. Those who are doing well financially are being paid for their value to the company, minimum wage jobs are those that most anyone can do with minimal experience or skills.
I would say you have it backwards. Inflation caused workers to ask for higher wages. Some states responded by raising their own minimum wages.
After all that, there is still a problem finding enough workers.
Location: East of Seattle since 1992, 615' Elevation, Zone 8b - originally from SF Bay Area
44,551 posts, read 81,085,957 times
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Quote:
Originally Posted by markg91359
I would say you have it backwards. Inflation caused workers to ask for higher wages. Some states responded by raising their own minimum wages.
After all that, there is still a problem finding enough workers.
We've had inflation for along time, but the big "$15 minimum wage" movement began long before the current big jump in the prices of everything. In the nearby city of Seatac, WA for example, the minimum wage went to $15 in January, 2014. Seattle followed soon after. They are now at $19.71 and $19.97, and the state of Washington minimum is at $16.28 as of 1/1/2024. The problem in finding workers is not so much related to minimum wage, but that many of the current crop entering the job market expect to start at $100k, and would rather stay at home with their parents than start at the bottom.
We've had inflation for along time, but the big "$15 minimum wage" movement began long before the current big jump in the prices of everything. In the nearby city of Seatac, WA for example, the minimum wage went to $15 in January, 2014. Seattle followed soon after. They are now at $19.71 and $19.97, and the state of Washington minimum is at $16.28 as of 1/1/2024. The problem in finding workers is not so much related to minimum wage, but that many of the current crop entering the job market expect to start at $100k, and would rather stay at home with their parents than start at the bottom.
$20 an hour minimum wage will bring $40K in annual gross income for full time worker before taxes like SS, Medicare, Federal and State income tax.
It could be less expensive for them to stay with the parents as dependents in some situations, locations if the parents earn enough income for all of them? No need for decent clothes, a car, gas money to get to work, car insurance, haircuts, etc
I don’t know what to tell you: you are right?
One perhaps could live on this money, but won’t be able to reproduce without the government help (welfare by printing money)
“Under capitalism, workers sell their labour power on average at around the cost of its reproduction — what it takes to sustain themselves and their families (including the next generation of workers).”
The signs are there:
more single childless people than ever, the need to bring the masses of potential new labor and cannon fodder, to increase reproduction of worker bees?
Last edited by L00k4ward; 03-05-2024 at 05:15 PM..
Those who are doing well financially are being paid for their value to the company, minimum wage jobs are those that most anyone can do with minimal experience or skills.
Minimum wage jobs bring a lot of value to a company. In fact, some of them are critical to a company.
How much money would a restaurant make with no kitchen staff?
How much money would a grocery store make with no one to stock the shelves?
How much money would a shipping company make with no one to load or unload trucks?
This forum likes to pile on low skill workers as if they are worthless. Reality is, they are quite important to a company's ability to make money. Without them, these companies would not be in business.
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